UBS to cut 240 jobs in Asia-Pacific wealth management group

PatriciaKowsmann

SINGAPORE (MarketWatch) -- UBS AG
UBS, -0.76%
will cut 240 jobs in its wealth management group in Asia Pacific as part of efforts to cut costs, the Swiss bank said Tuesday.

The cut represents 3% of the bank's total staff in the region, a spokeswoman told Dow Jones Newswires. About 100 jobs being cut are based in Singapore.

"Asia Pacific remains a strategic priority for the group, and a region in which it will continue to invest," the spokeswoman said in an e-mail statement.

"However, in common with its competitors, the slowdown in the global economy and the ongoing challenging economic conditions have prompted a renewed focus on the management of costs including, as a last resort, those related to staff."

UBS said affected employees will receive a severance package in accordance with relevant local employment laws and will receive redeployment assistance.

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